Thursday, September 13, 2012

Philippines – Korea Inked ₱3 Billion Puerto Princesa Airport Modernization

The gateway to one of the Philippines' trendiest destinations will soon get a makeover.

The declaration of Palawan's Underground River as one of the "7 New Wonders of the World" has drawn record numbers of tourists to the nation's westernmost province.

But their introduction to the province is a congested backwater airport.

This may soon fade as a bygone era, with a recently signed agreement between Seoul and Manila.

South Korea agreed to support the development and rehabilitation of Puerto Princesa Airport by providing a $71.6-million US Dollar loan ₱2,968,894,000.00 Billion pesos as official development assistance or ODA.

Philippines and South Korea signed last month the loan agreement covering the financial side of giving the Puerto Princesa Airport a makeover – officially called the Puerto Princesa Airport Development Project of the Department of Transportation and Communications (DOTC).

The Department of Finance on Wednesday said that Finance Secretary Cesar Purisima signed the agreement on August 23 on behalf of the Philippine government. Export-Import Bank of Korea (KEXIM) chairman and President Yong Hwan Kim signed on behalf of the Republic of Korea.

The money would finance the construction of a new passenger terminal with facilities and a new access road.

Part of the money will also help improve the runway and finance navigational aids to cover the increasing number of domestic and international flights to and from Puerto Princesa.

Once complete, the project is expected to revitalize the transport and trade linkages within the Brunei Darussalam, Indonesia, Malaysia and the Philippines-East ASEAN Growth Area or BIMP-EAGA, Purisima said.

The $71.6-million US Dollar loan (₱2,968,894,000.00 Billion pesos) is the second deal KEXIM and the Philippine government signed this year.

A $207.88-million loan agreement for the Jalaur River Multipurpose Project Phase II of the National Irrigation Administration was clinched last month between KEXIM and the Philippine government.-Rebuilding for the Better Philippines (September 12, 2012)

1 comment:

Greg Chua said...

This was the latest breaking headlines about here in the Philippines. Anyway, thanks for sharing this information.